Russia FX/Rates Snapshot - October 28, 2019
This morning, the ruble fell a bit further. Today and likely tomorrow, it could stay in a range of 63.6-64.0, which is the range in which it mainly traded for the last 10 days. However, we think the risks for the ruble are more skewed to the downside and that USD/RUB could climb well above 64 late this week. FX selling due to tax and dividend payments is almost over, while we expect the global backdrop to deteriorate starting on Wednesday due to what we think will be disappointing macro data and a less dovish Fed than the market expects.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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